Ethanol... taking Stock, and maybe shorting it.

Blogging about beverages from a consumer's standpoint is a lot of fun, but there's another side to all the lids on all these bottles, kegs, and mason jars we tap.

It's instructive to look at the Ethanol from Wall Street point of view, as in where asset managers put "their" dollars to work in the beverage business. And by "their", I mean your pension, annuity, and savings. Just as our government is representational, in most cases (day traders and "home gamers" aside) so too is the allocation of institutional resources to enterprise. That includes beverage businesses. 


One storied proxy for Wall Street's investments in ethanol is The Vice Fund, which began in 2002.  Ethanol is one of four legs of the stool they constructed to tap reliable returns from four basic business sectors that are considered counter recessionary (and depressionary if it comes to that), because like sin and crime, these pass times will always be with human kind, come hell or high water.  And The Vice Fund has delivered superior returns since inception, despite the epic slide of 2008. 

They invest in Alcohol, Gaming, Weapons, and Tobacco.  Their rational of their screen is as follows:
 

» Potential demand regardless of economic conditions

» Global marketplace not limited to the U.S.

» Potentially high profit margins

» Natural barriers to new competition

» Ability to generate excess cash flow

» Ability to pay and increase dividends

And the companies they liked best in 2012 for their predictable cash flow and dividends they share with share holders were, predictably:

Anheuser-Busch InBev NV - (ADR)
Beam, Inc
Diageo, PLC (ADR)
Molsons Coors Brewing 

As investment risks go, political headline risk is to which one should remain on watch.  It is not unforeseeable that companies who (yes, they are people now) really get hot and heavy into politics for competitive advantages are likely to be taken to task by consumer of one or another stripe at some point for their self dealing at the expense of the common wheel. And so if one takes stock in ethanol companies, it may both pay, and also save a good loss to stay tuned to that sort of thing (boycotts, resentments, burning CEO or Lawyer-lobbyist effigies, etc).  Here is a link for other interesting information about Diageo, which like Altria-SAB-Miller-Coors, has links to A.L.E.C. (see, http://www.alecexposed.org/wiki/ALEC_Exposed) , the powerful lobbying organization that is changing the political landscape of America on a local level, quietly and without much debate, one state at a time:  http://www.sourcewatch.org/index.php?title=Diageo

Diageo net's about $2.4 billion per year, but laying down with despised dogs to protect its competitive advantages could amount to the kind of fleas that can put your portfolio to sleep.

Nonetheless, The Vice Fund is a good example of an investment company that screens investments on any number of metrics and related issues to find the best of the bunch in these "vice" industries, of which ethanol a probs. charter member. As active trading company, they sort of represent that they will pull out of an investment that threatens to put your money to sleep in the aforementioned, forseeible manner.  You'll find info about The Vice Fund here:

http://www.usamutuals.com/vicefund/phil.aspx
Information Sheet:
http://www.usamutuals.com/vicefund/docs/VICEXcomplete.pdf

WARNING: New Weapons of Mass Consumption Emerging from Nation's Orchards!

Warning!  

This simple array of common household staples is striking fear into the hearts of beverage company executives and their vast networks of distributors, including bar tenders from Washington to New Hampshire because with these items and a few simple steps,  #homebrew fanatics are fermenting their own varieties of ethanol laced Hard Ciders, Perries and even other kinds of high gravity ciders made with Cherries for consumption in a wide variety of settings, from Seasonal, so called, "Halloween" parties, where these extremists actually watch as their own children dunk for apples, as far fetching radicals sip their own #ciders.

They also commonly go about "tailgating" at so called, "Tailgate" gatherings in parking lots where like minded #cider zealots BBQ meats in sweet and sour sauces before moving into a crowded stadiums to cheer on sports teams with a reckless abandon not seen since the Roman bread and circus.  What's more: some of these sauces may even be made with #homebrew hard ciders!

Beverage Industry insiders, and the Tea Party Leaders in Congress, to whom they contribute in Washington, DC to further their interests are none too thrilled with these recent developments, as these so called #Homebrew cider fanatics aim to put a serious dent in discounted future cash flows of beverage companies that have been organized to capture and maximize profit from a nation's thirst. 

Experts say, it all starts with this (right photo insert)--  Apple Cider, in it's raw state, pressed from the fruits of all but poisonous trees in states on farms where farmers encourage unsuspecting patrons to pick their own apples with signs that read, or "U-pick" or "Pick your own".  Experts also say you can make a difference.

Says one anonymous #cidersafe expert, who shall remain nameless, told reporters: "There is a lot you can do to help beverage companies sustain the monopolistic hold on beverage consumption of consumers that allows them to pay me so much, just by reporting what you see to the twitter hashtag: #Cidersafety, as well as other #cider hashtags you may run across... just remember to point your smart phone camera, shoot, taste, then post to #cidersafety".

So stay safe, and if you see something, drink some of this emerging #hardcider after you take a picture to be sure it's genuine #Homebrew!  
 

What's that Word When You're Busting Loose?

That's right old dogs, it's "Juice, Juice", and if you can recall that song, you probably should be juicing every now and again, if not seriously considering salads, in the words of the late Tony Soprano. 

And after Juice, the word is Nutri-Bullet.  That's right, the late night informercial sensation works like a charm. This is not Slap Chop deal.  This blender is outstanding for making ethanol free, extraordinary flavored beverages with a absurd plethora of nutritional benefits. 

But since I'm not your mom, or Dr. Oz, I won't list them.  Let's just say "a nod's as good as a wink to a blind bat, ay" (see, "Fat, Sick and Nearly Dead", the movie, if any of this is lost on you, and your still reading this.

At any rate, here's one way to start a day with a green monster-- lemon juice, fresh, ginger, Jalapeno chili, spinach, kale, parsely, Cherry cider and a little wheat grass power from the Trader Joe's.  

 

 Stage 2.  The mix.  Noisy but fast-- count to 30.

Stage 3.  Nice opaque green color, frothy head. 

Fresh spinach and ginger aroma dominate, with major cherry notes, as kale sort of recedes into the blend.  Taste, what you smell is what you get, even after 2/3 dilution with water.

Think of your favorite beer, wine or hard cider, then times those qualities by about 100 and you've got a reasonable estimate for rating juice like this, and I'm not trying to sell juicers, vitamins or supplements. There you have it... well, actually farmers at farmer's markets are who have it, in the event you want to give you liver a sorely needed break.

Buckler's Non-Alcoholic Beer, and #Homebrew Yoda Update

 This Buckler's Non-Alcoholic import from Holland has managed to capture Hieniken's skunk, without very much of the ethanol at all.  The nose, head and color are like the green monster of beers, and the forward taste was good.  The after taste, was basically that flat, non alcoholic trailing one gets with the entire class of these beers.  

My next project after Cider season is going to be non-alcoholic beer, with a major hop addition after the extraction phase, which purges the ethanol and flattens the beer for bottle conditioning, or CO2.  Not to play fantasy beer football, but I'd love to see this class over beverages turn into a kind of highly nutritious, low cal, "hop soda-ish" kind of thing for we hop heads among you.  Frankly, I'm kind of surprised craft dudes are not up at night scheming to bring something along these lines to markup.

At any rate, this is a good beer for Chili, which is what I was eating, in effect....  (more like tomato pepper soup with a lot of red pepper added for heat).  Last of after taste (flavor) makes for a nice neutral wash of hot chilis from the spoon.

 #Homebrew Beer Yoda Update

Craig Reviews a new bottle cap from the UK that makes it easy to turn your grocery store into a home brewing oasis, 2 liters at a time.

Just making something to drink... .

It's cider season, and the orchards did all the heavy lifting, so this shouldn't take long at all.

I'm going to combine a hard cherry, apple cider with wheat malt to see what happens.

Not exactly like adding Mentos, The Freshmaker, to Coke, but it should be exciting. And maybe it's more of a Hard Cideer, or Cibeer, than Cider. 

I'll keep it posted too. 

"Beer Yoda": Intro to Brew In A Bag

Another of my favorite Beer Yodas shows her methods for all grain brewing in a bag. 



 

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5 Rabbit's 5 Lizard Lime Witbier at Blind Faith Cafe in Evanston

From a nondescript warehouse on Chicago's South side, 5 Rabbits Cervereia slash Brewery has been quietly pouring out some of the funkiest, extraordinary flavored beers in the you'll find (in those states where it's available), with eye popping labels to match. 

Examples 5 Rabbit Brewing's mad flavors include not only this 5 Lizard (which according to the label is named for an Aztec god of gluttony), but also 5 Vulture Dark Ale, made with roasted ancho chiles; Ki'Chun: made with chanterelle mushrooms, toasted oats, Rakau hops, and dark Thai palm sugar; Vida y Muerte Oktoberfest, made with dulce de leche and flavors inspired by hoja santa, a type of leaf used in Latin cooking; and Missionario wheat, which is made with grapes.


5 Rabbit's unusual flavors are conceived by Randy Mosher, who's books on beer ("The Brewers Companion," "Tasting Beer" and "Radical Brewing") routinely score 4+ among the soaked masses who rate Beer and Brewing books on Amazon. Mosher also teaches at Siebel Institute of Technology, America's oldest Brewing School.  

Also a graphic designer, Mosher also designed the Brewery's wild, artful labels, making him kind of a Yoda of craft beer.  But there again, I'm pretty sure when there's trouble in Chicago, Commissioner Gordon turns on the Bat Signal on former Mayor Daley's solar roof, to enlist Mosher's help too.

(see, Mosher's Books: http://www.amazon.com/Randy-Mosher/e/B001JPCB52/ref=ntt_athr_dp_pel_pop_1)


Okay, so forget the Yoda thing. But what if Randy Mosher is, instead of a Beer Yoda, actually Chicago's Batman of beer?  Then it only follows that his Robin has to be 5 Rabbit's Brewmaster, Greg Hall, who has a storied past bringing epic craft beer to life as Brewmaster at Goose Island, including those great and wildly popular Belgian styles that are still brewed in Chicago:  Matilda, Sofie, Fleur, Juliet, Madame Rose, Pepe Nero, Nightstalker, not to mention Bourbon Country Stout.   Hall comes to 5 Rabbit after a few dozen years at Goose Island, which his father, it's founder, sold to the multinational conglomerate that's become of the Bud empire. 

By the way, here's a good time to emphatically recommend William Knoedelseder's book on the rise and decline of Anheuser Busch, "Bitter Brew: the Rise and Fall of Anheuser-Busch and America's Kings of Beer", which may be even better than his early 90's book on the record industry (which profiled characters who served as models for HBO's "The Soprano's"):  (See: http://www.amazon.com/Bitter-Brew-Anheuser-Busch-Americas-Kings/dp/0062009265 )

Apart from 5 Rabbit, Greg Hall is also mounting an assault on Cider shelves, taps and your taste buds with a new venture that's well underway: Virtue Cider (available at Small Bar, Chicago).  Virtue is putting up barns in Fennville, Michigan, while pressing Ashmead's Kernel into service with other heirloom apple varieties, to pour out some of the best, clearest cider I've ever had (with all due respect to Doc & Son, who are probably out chasing deer from his orchards again in the ATV about now anyway). You'll find some of the less sensational coverage of Greg Hall here: http://www.timeoutchicago.com/restaurants-bars/13374729/greg-hall-goose-island-anheuser-busch 

[Yes, that's beer he's pouring.]
 
Andres Araya, is from Costa Rica and co-owns 5 Rabbit while serving as it's CEO. He works with Mosher and Hall after many years of consulting experience in the brewing business both in the US and Central America for Bain Capital, including time working with Florida Ice & Farm Co., brewers of Costa Rica's beloved Imperial (also recent acquirers of North American Breweries, the largest independent brewery in the United States, which brews New York's historic Genesee, Oregon's Pyramid and Vermont's Magic Hat). 

Last time I saw Andres, he looked a lot like this photo from Chicagogrid.com, stooped over their new bottling line machinery, and pressed for time as he was getting its kinks out.  You might say, he was busier than a one legged man in an ass kicking contest, but he still took time talk a bit.

Since then, according to Chicagogrid.com, as sales took off, Andres has been in and our of court on some pretty bitter pleadings over very unkind words by his co-founder, Issac Showaki, also a former Bain Consultant, over the past year or more, but recently ended up with control of the company after Showaki's negotiated buyout and hasty departure. See, http://www.chicagogrid.com/enterprise/how-5-rabbit-craft-beer-courtroom/

Both men raised money from friends and family to get this far, and appear committed to keeping things going for their investors, no matter what personal issues arise between them. 

So maybe Andres is Bruce Wayne to Mosher and Hall's Batman and Robin combination, and Issac left because he was starting to feel more like Alfred, the butler than a brewing super hero.  I don't know, but I liked Andres pitch for 5 Lizard to ABC News in Chicago:  "...we added fresh lime peel instead of the typical orange peel and we added passion fruit that we bring from Ecuador...   Winter beers are typically dark and heavy and very much spicy, and we thought why don't we make something that makes you think of the spring and brighter days." 
 

And putting aside the storybook pairing of its founders, who come to the idea for a US based Latin American brewery while chain smoking as Brewing sector Business Consultants in Panama for BainCapital, and putting aside the subsequent torturous Dallas-Dynasty qualities you'll find reading 5 Rabbit's recent headline history and court filings, including the break up, and other assorted shit that makes patrons like this man at The Map Room grimace when told some of 5 Rabbit's back story, it's easy to see that three of 5 Rabbit Brewing's remaining prime movers know more than a little something something about putting funk into the fermentation, if not lambada into the wurt.

And this casual pour of 5 Lizards, Lime, Passion fruit Wheat beer at Blind Faith Cafe was ample proof:

It poured cloudy with big bubbly, abiding white froth and a very heavy lime aroma that trailed in taste on the finish. The flavor was thin and tropical, and although I'm not a big fan of passion fruit per se, it rounded out the sharp edged tartness of the lime very well, and reminded me of juice I've mixed, using papaya, banana and melons for the same effect. 

The mouth feel was a bit thin, but not tart like lime juice or watery like lite beer with a lime stuffed down the neck with no recollection of English sailors fighting scurvy.  My first reaction was pleased with the lime trail it left between forks of a roasted squash salad.

But dessert is where this beer unexpectedly came way off the ground, maybe like that Aztec Lizard god they're talking about on the bottle, after a clash and slow going with the Blind Faith Cafe's veggie burger and the very heavy application of sour brown mustard with which I like to paint all burgers and fries. 

I love mustard. I used to make it for my co-op in Boston. But it just wasn't such a great combo with 5 Lizard.  Blind Faith Cafe's superlative veggie burger also bears mentioning right about here:  http://www.blindfaithcafe.com/  The meatless food and the service were excellent, as usual, but in this case, it would be nice to have 5 Vulture on the menu to match their (meatless) burgers.  5 Vulture is made with toasted sugar and roasted ancho chile. I've had this at BBQs with actual meats and mustard with outstanding results.

Nevertheless, having half the glass of 5 Lizard left over for dessert, when a lemon tart somehow appeared on the table, is where it started to hover and swoop around my mouth as if it were the first beer a man might taste after 100 years of solitude. The passion fruit gave the tart depth and a quality that just was not there in the heavily frosted lemon cake, and accompanying lemon ice alone. It combined really well with the lemon based tort, and I'm sure it would stand out as well with any berry, cherry, citric or banana desserts, or any of the wild, ecclectic salads using these ingredients that you'll find on menus these days.

Maybe the lesson here is about chemistry and vigilance, like an on call action hero, on the lookout for the right combinations of food and beer (or those oh, so "delicious and amazing pairings" to use trade lingo), saving your citric beers while scarfing down your mustard drenched burgers, fries and brats, sauerkrauts and other high acid, fermented foods (there are plenty of other beers for this, including their chili based beers, such as 5 Vulture).  And be careful with this 5 Lizard, it's special situation beer, where citrus flavors compliment what's plates of citric based food, whether it's fish cooked in lime juice or salad with orange juice vinaigrette.

The soaked masses at Beeradvocate rate 5 Lizard good (80), which is probability at least 8 to 12 points too low, while the Bros have not rated this beer. http://beeradvocate.com/beer/profile/25544/68713

Ratebeer.com gives it a less than 75, with less than 75 people rating it. http://www.ratebeer.com/beer/5-rabbit-5-lizard/145478/282877/


Meanwhile, this beer was winner of the Gold Medal, Fruit Wheat Beer, 2011 Great American Beer Festival.  http://www.5rabbitbrewery.com/5-lizard/






Not to play Fantasy Beer Football, but as I drank 5 Lizard, I wondered what would happen to 5 Lizard if they added actual odd and unusual bananas to round out the lime's edges in addition to the passion fruit.  Apart from the 2 or 3 you'll find in supermarkets, there are about 1 million varieties of banana and as many flavors. Or what if someone with a bit of daring added a little banana juice, or extract to 5 Lizard?

Net net, if you want to spice up your tailgate, and or psych your wolf pack out a little with some unusual flava, 5 Lizard and some of their other outrageously flavored wheats and dark chili ales are where the wild things are.



"Beer Yodas"


Speaking of Beer Yodas, here's one of my favorite-- a recent broadcast by Home Brew Yoda, Craig, pulling out all the stops on his Craigtube channel, where he answers the burning question from viewer/fans: "what beer would you want in an unlimited supply on a dessert island, if you could only choose one?"

Congrats, Bell's "double hearted", AKA, Two Hearted Ale... I might agree, but seriously, what is a world without Zombie Dust or Heady Topper?  http://youtu.be/V0yQkg8yppg

illy's Canned Coffee and Teeccino Tea at Natural Products Expo East 2013

Hands down, the greatest coffee in the world is Illy (which is not really open to debate here, unless you're roasting it daily, 5 minutes walk from where I'm staying).

And so Illy is putting it in a can and cooling it down, and promoting it unashamedly as an energy booster, like those energy drinks that taste like something you'd take for a cough, or maybe even around 4am to help you capture a sex partner at some disco-nightclub- rave scene, since Cocaine is both illegal and taboo.  Either one, it's probably not the taste your too too concerned about with some of these drinks. 

illy on the other hand tasted great-- rich, light, nuty, sublime.  I generally avoid the new cold canned coffees I see out there, highly sweetened, with a Green and White Mermaid label, staring me down from cold shelves of every Deli in NY for example.  

See,  http://www.illy.com/wps/wcm/connect/en/home

Were it playing in a Quick Stop Deli near me, I'd do a quick march to buy this illy product in a heart beat, which is fitting, since illy's marketing people have chosen to emphasize heart rates, the same quality that made that Ethiopian goat jump for joy thousands of years ago to the bewilderment of his goat handler, who in turn just had to try some for himself, all leading to the discovery of coffee and the subsequent battles over it, both commercial and military.   

It's interesting to point out that illy only uses Ethiopian beans, as I recall from a 60 Minutes interview with the CEO of illy as he talked about the profiteering and inequity in coffee markets, despite the existence of coffee futures contracts intended to mitigate these things.  Since about Jimmy Carter's defeat (the founding father of Craft beer), I'd say you can always count on CBS 60 Minutes to vilify the biggest fish in the smallest dirty pond they can find,

while ignoring even the guppies in a sea of oil (and some of its investors who happen to swim there too).

Teeccino is another story, a caffeine free herbal alternative to coffee, that was also featured at the Natural Products Expo East in Baltimore.  It offered big taste in a sea of flavor options, ranging from coconut water in disco bottles, to sodas intended to meet demands of bar tenders in cocktail culture, and some suspect Kombuchas, flavored with awful non sugar sweeteners, albeit on draft and in nice bottles.

Teeccino call themselves "America's Number 1 Coffee Alternative" (now that Postum has all but bitten the dust, except for limited release, mostly in Utah, which is probably where Teeccino also does quite well).  

And Teeccino has a nice decorated truck, which is how I was introduced, while parking outside the Expo, via giant vehicle decal.  And while I know, defining yourself as what you are not is not the most appealing pitch, in this case it undersells what's really great about Teccino's products, which is both flavor and nutrition.  Unlike Postum, which was basically wheat bran, wheat, molasses and corn sugar, Teeccino has a variety of natural, nutritionally superior ingredients to Postum's wheat and corn based carbohydrate formula.

They include great flavors from things like real and actual vanilla, nuts, figs, almonds, dates, in addition to natural carob and barley base (some are barley free).  But apart from the flavor notes you imagine from the actual ingredients (unlike the notes brewers fake to achieve "nutty" flavor), Teeccino has generous amounts of chicory in every cup, which is said to have medicinal qualities, likely way more beneficial than the ethanol based beverages we discuss most often here.

The Teeccino booth was well appointed, and the salesman seemed almost too knowledgeable about the company and the sourcing of the ingredients, until it became clear that his mother started, owns and runs it. 

The Teeccino products were also a standout at the Expo that should appeal to anyone looking for big, bold flavor while alternating their coffee intake with something "amazing and delicious" (two qualities we lament and parody as we celebrate them here) and oh so nutritious (something we don't so much).  


I had the new dark roast dandelion, which was epic. Good for late nights, when you really need to sleep.  You can see it here: http://teeccino.com/ .  

Bell's Two Hearted, Lacing at Mi-Key's in MKE, WI

Just a quick note about lacing-- here's a recent glass of Bell's Two Hearted at Mi-Keys in MKE, after a few sips to wash back one half of a fish taco, which that Latinish bar/restaurant does right.  (See for yourself:  http://www.mikeysmilwaukee.com/)

Nevertheless, if anyone doubts what's going on in a glass of Bell's, I suppose we've captured proof of life-- proteins, combining with hops (exclusively Centenial) and what you get is what looks like a "Something About Mary" moment in your glass. 

For beer geeks who monitor lacing like obsessed-compulsive bird watchers, I say:

Happy Halloween, now drink your cob webs.

You'll find that the soaked masses at Beeradvocate rate Bell's Two Hearted a 95:  http://beeradvocate.com/beer/profile/287/1093

I rate it high, and have it often, so here's another money shot of this beauteous American Pale Ale foaming up like Ted Nugent stalking deer... with his bare hands:

Bells website states: "Bell's Two Hearted Ale is defined by its intense hop aroma and malt balance. Hopped exclusively with the Centennial hop varietal from the Pacific Northwest, massive additions in the kettle and again in the fermenter lend their

characteristic grapefruit and pine resin aromas. A significant malt body balances this hop presence; together with the signature fruity aromas of Bell's house yeast, this leads to a remarkably drinkable American-style India Pale Ale".

 http://www.bellsbeer.com/brands/info/2

Olbas Instant Herbal Tea at Natural Products Expo East

One of the most outstanding beverages of the Natural Products Expo East in Baltimore was Olbas' Herbal Tea.  Next to Reed's new line of Kombuchas, it was maybe the best beverage at the show

The aroma and flavor are outstanding as herbal teas go, and if you want to clear you breathing, it's probably even better than menthol products like Fisherman's Friend, or Halls.
 
 Ingredients: Grape Sugar, Sugar, 20 Herb Extract (Peppermint, Chamomile, Fennel, Thyme, Iceland Moss, Licorice Root, Lungwort Herb, Star Anise, Marigold, Yarrow Root, Elder Flowers, Lime Flowers, Blackberry Leaves, Sage, Eucalyptus Leaves, Plantain Leaves, Cyani Flowers, Cowslip, Mullein Flowers, Malva Flowers), Fruit Pectin, Menthol, Peppermint Oil, and Eucalyptus Oil.


You'll find a lot of information at Olba's website:
http://www.olbas.com/olbasherbaltea.htm

Blanche de Bruxelles (White Beer) at BenLux, MKE, WI

Wheat beer nice thick, loose head, cloudy golden straw color, slight citric aroma, thin mouth feel and relatively tart citric flavor (not much other spice), and at 4.5% ABV it's surely one outstanding flavorful light, thin beer to have when you are actually "having more than one" in Milwaukee.

And BenLux is a great place to do just that, as you wash back some of the fancy foods on the menu.

You'll find them here:  http://www.cafebenelux.com/

This batch was free of any off diacetyl flavors described on Beeradvocate.com rating site.  The Beer Advocate crowd has it at 84 (good), with 564 rating it, while The Bros are slightly higher at 87 (very good).   

See, http://beeradvocate.com/beer/profile/149/78

I followed this round with a safe baseline to compare--  Hoegaarden, which I enjoyed a bit more by comparison, which is consistent with Beeradvocate ratings by the crowd, but not The Bros, who rate Lefebvre's Blanche higher than Hoegaarden. 
 
Of the Blanche, Lefebvre's website explains:
 
The “Witteke” is a typical beer from the past. It was characteristic for farm-based breweries.

The craft brewers used the best ingredients from their own harvest. Blanche de Bruxelles owes its natural cloudiness to the presence of wheat (40%). During the boiling process, natural aromas are added - coriander and dried orange peel.

You will note its freshness and refinement upon tasting, typical for this extraordinary white beer. The brewing method, which includes the gradual addition of hot water, takes a long time.

Just like all the other beers produced by Lefebvre, this beer is not filtered. If served correctly, it produces a cloudy beer with a white head.